Tibet Pharmaceuticals Reports Record Financial Results For Fiscal Year Ended December 31, 2010
SHANGRI-LA COUNTY, China, March 30, 2011 /PRNewswire/ -- Tibet Pharmaceuticals, Inc. (Nasdaq: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in China, today reported record financial results for its fiscal year ended December 31, 2010.
Summary of Fiscal Year Ended December 31, 2010 Financial Results:
- Revenue of $32.4 million, an increase of 41% from $23.0 million in 2009
- Gross profit of $16.2 million, an increase of 38% from $11.7 million in 2009
- Net income of $13.1 million, an increase of 42% from $9.2 million in 2009
- Fully diluted EPS of $1.11 for fiscal 2010, exceeding all prior results
"Tibet Pharmaceuticals is thrilled to report record financial results as the company continues to drive revenues and earnings, while simultaneously maintaining our attractive margins," said Taylor Guo, Chief Executive Officer at Tibet Pharmaceuticals. "This has been a significant year for the company and our valued shareholders. We became publicly listed on NASDAQ in January 2011, we raised $16.5 million in financing through our IPO and we continue to execute on improving our business by driving growth and minimizing costs and inefficiencies in our operations."
Tibet Pharmaceuticals expects to continue to grow its revenue and earnings through its corporate growth initiatives and expansion strategy in China's fragmented pharmaceutical and traditional Tibetan medicine industries. The company is committed to establishing itself as a leading manufacturer and distributor of Tibetan medicine throughout China.All of Tibet Pharmaceuticals' current products are offered and derived from Tibetan-based traditional medicines with natural herbs and minerals found in the high-latitude, low-temperature, and pollution-free environment of Qinghai-Tibet Plateau. Tibet Pharmaceuticals currently sells 5 prescription and over-the-counter Tibetan medicine products, with each having been approved by the State Food and Drug Administration of China, also known as the SFDA. In the last two years, Tibet Pharmaceuticals' business has grown rapidly as a result of China's strengthening economy, the strong demand in China for traditional Chinese and Tibetan medicines, the government's efforts to improve health care in China, and the increase in the number of elderly people in China. Mr. Guo added, "Benefiting from our recent milestones, Tibet Pharmaceuticals will seek to capitalize on China's growing elderly population and rising middle-class consumers to drive revenues, earnings and ultimately shareholder value." Highlights for the 2010 Fiscal Year:
- Revenue was $32.4 million along with net income of $13.1 million, resulting in fully diluted EPS of $1.11 for the fiscal year ended December 31, 2010.
- Tibet Pharmaceuticals currently has 190 full-time employees and sells 5 prescription and over-the-counter Tibetan medicine products, each of which has been approved by the SFDA.
- In January, Tibet Pharmaceuticals became a U.S. listed operating company and completed a $16.5 million IPO.
- Revenues from Tibet Pharmaceuticals' biggest product sales contributor, its 25 Ingredients Mandrake Pill, increased 26.8% from $11.2 million in 2009 to $14.2 million in 2010.
- In 2009, the PRC government began the implementation of a new national medical and health plan. Among other features, this new plan seeks to extend national medical insurance coverage to China's rural areas, with an aggressive target population in excess of 900 million, and to promote the use of traditional Tibetan medicine products.
- Expansion of Tibet Pharmaceuticals' existing distributor network contributed to increases in revenue and earnings during the year ended December 31, 2010.
- Tibet Pharmaceuticals achieved record net income through higher sales revenue, and the company's efforts to improve efficiencies, including the management of production costs and administrative expenses.
- Going forward in fiscal 2011, Tibet Pharmaceuticals expects to increase its distribution network for its growing portfolio of its traditional Tibetan medicines through both organic growth and accretive acquisitions.
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